The content is accurate at the time of publication and is subject to change.

Acquiring loans while in the midst of a financial crisis is the only way one can find some relief. However, most people are in a dilemma as to how they can get a loan while having a bad credit history.  People do need cash to pay off medical bills, or to take care of urgent repairs on a damaged vehicle or their homes.  Each person need may be different, but, there would certainly be, the demand for funds.  One would need instant approval loans in situations such as these.  Hence, instead of turning them away, there are different approaches that banks and financial institutions have adopted.  Due to the urgent requirements, the loans would have to be given at a short notice and without having to do any credit checks. These are called instant approval loans.

Some examples of instant approval loans are payday loans, unsecured personal loans, or cash advances. These are called instant approval loans while having bad credit. Here, the borrowers can receive cash or a payday advance, until the next paycheck arrives. The approvals are fast and easy, with simple documentation, and most of all, no credit checks.  So, here the credit history of an individual doesn’t really matter. These approvals are based on the ability to repay the amount by the next pay period. A period of 90 days is allowed for repayment of these unsecured personal loans, as the maximum amount that is available through the online application, is $1,500.

The Internet is an excellent source of information for those seeking instant approval loans, and the search may yield the best results.  Online applications are kept confidential and there are no obligations. The applications are accepted and approved within a matter of hours. The money is normally transferred through Western Union, using a direct deposit or, as a bank transfer. Interest rates are based on the amount that is borrowed, as well as the time taken to repay. If the loan amount is higher, and if the timeframe is longer, the interest rates will also be high. This type of loan should only be obtained in the case of emergencies, and should not be used under normal circumstances as this is not cost effective.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.